Gov. Northam: Virginia October revenue collections increase by 15.6%

Virginia News

AP Photo/Andrew Harnik, File – Virginia Gov. Ralph Northam

RICHMOND, Va. (WRIC) — General fund revenues grew 15.6% in October in Virginia and was driven by a growth in payroll withholding and sales tax collections, according to the Office of Governor Ralph Northam.

“We are excited to see increased revenue collections once again,” said Gov. Northam. “This continued growth is a reflection of the Commonwealth’s responsible fiscal management—our smart investments continue to pay off for Virginians.” 

According to the office of the governor, collections of payroll withholding taxes grew 9.8% in October. Collections of sales and use taxes rose 12.2% compares to September of 2021.

“Despite strong headwinds during the first quarter of fiscal year 2022 due to the Delta variant, supply chain issues and inflationary pressures, October’s positive revenue growth continues to demonstrate Virginia’s economy is on a solid path toward recovery,” said Secretary of Finance Joe Flores.

The office noted that, on a fiscal year-to-year basis, total revenue collections grew 11.8% — which was ahead of the forecasted 8% decrease.

You can read the full report by visiting the Virginia Finance website.

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